NASSAU, THE BAHAMAS, 25th September 2013 -- Today, Cable Bahamas Ltd announced that on 20th September 2013, following the successful completion its Senior Credit Facility refinancing, it had concluded the acquisitions of Marco Island Cable (MIC) and NuVu LLC (Nu Vu). The total cash consideration paid by Cable Bahamas to acquire MIC and Nu Vu was $10.1M and $12.6M respectively. The purchase was financed entirely with funds provided under the Senior Credit Facility. 

MIC and Nu Vu provide digital cable television, broadband Internet and telephony services in Southwest Florida, one of the fastest growing and prosperous regions in North America.  The acquisitions will have an immediate positive impact on digital, broadband and telephony subscriber results by an increase of 40%, 20% and 22% respectively. The operating region of US Metro, MIC and Nu Vu has a population in excess of one million; the average household expenditures are in excess of $50,000; and the median household income exceeds $45,000.  As these indicators suggest, the growing and thriving economy of this region is well positioned for significant growth for years to come. The strategic positioning of Cable Bahamas in the heart of this region will allow it to take advantage of both the existing economy as well as the future growth potential. 

Anthony Butler, CEO of Cable Bahamas said: "This is a major step forward for our company. The combination of Marco Island Cable and Nu Vu together with US Metropolitan, which was acquired three weeks ago, creates a powerful platform for innovation and growth in Southwest Florida. Together, our Bahamian and Florida operations create the opportunity for Cable Bahamas to have access to over 500,000 homes, and we intend to capitalize on the growth opportunity, both organic and by further acquisitions, to bring consumers the most advanced broadband and digital TV and telephony products available." 

Mr Butler also noted that Cable Bahamas' growth strategy was given overwhelming shareholder support and stated that, "Our current phase of acquisitions will be concluded in approximately three weeks with the final link of our Florida plan, the acquisition of Summit Broadband in Orlando. Summit plays a pivotal role in our strategy as it is designed to be our network core for the Florida operations. The strategic acquisition and expansion of reputable, local entities will drive business and consumer choice while delivering the highest quality end-product to a market. US Metro's current headquarters in Bonita Springs will become the Southwest Florida headquarters for Cable Bahamas' US subsidiaries." 

These acquisitions are expected to further strengthen Cable Bahamas' financial position and reinforce the company's foundation, which will bode well for it into the future. The company will begin immediately to integrate its new Florida operations and take advantage of the existing operational efficiencies and synergies.